Merrill Lynch, Citigroup, Credit Suisse First Boston and Dresdner Kleinwort Wasserstein will distribute ideas through a central Web-based hub.
The banks said previously these messages, in which they suggest short- or long-term trading ideas as opposed to more fundamental research, were going out across a variety of platforms, such as those provided by Reuters or Bloomberg.
"The service is designed as a utility for the industry", said Chris Driscoll, deputy head of Pan-European and equity customer trading at Credit Suisse First Boston.
"We have already seen the success and advantages of aggregate platforms in the research world, but this is the first such offering for trade ideas."
The service, called Trade Ideas Limited, is not intended to distribute research or replace existing systems.
The founding banks said they expected others would hook up onto the system.
Fast distribution of trading ideas has become increasingly important to banks as they look to differentiate their services from rivals and with the increase in more active traders like hedge funds. Many former research analysts, for instance, have been reclassified as desk analysts to provide trade ideas.